Housing Trends Changing for Baby Boomers
The Baby Boomer generation—those born in the decades following World War II—are now 52 to 70-years-old and are within shouting distance of retirement. They are changing the definition of life after work, determined that the next 25-30 years of their lives will be the best ever.
Some are taking a second look at home-ownership, opting to rent instead. According to a report by Harvard University’s Center for Housing Studies. the number of renters aged 60 to 64 nearly doubled, rising from 1.3 million households to 2.5 million from 2005 to 2015.
“Selling the family home and investing some (or all) of the proceeds can help pad your savings and provide peace of mind,” says George Gagliardi, a financial planner in Lexington, Mass.
Gagliardi acknowledges that home equity can be tapped via a reverse mortgage, but states that selling will provide more upfront cash. According to his source, ReverseMortgage.org., a 65-year-old with a $300,000 mortgage-free home could net $275,000 from a sale. Reverse mortgage would free up only $150,000.
“Renting also keeps you from having to deal with a multitude of maintenance issues,” says Sally Abrahms,” author of a number of magazine articles on Aging and Baby Boomers. She stated that choosing to rent can save you both money and headaches because “it will simply not be your problem anymore.”
In light of these statistics, local builder, Kip Thiel, owner of Kip B Thiel Construction, Inc., has three brand new “Senior Resident Friendly” rentals built in Cody, Wyo. A son of Jerry Thiel, owner of Jerry Thiel & Sons Construction, Inc. of Cody, Kip is a third generation builder with a vision for making retirement more affordable. The tri-plex is a turn-key opportunity for someone that’s ready to own an investment property. This property features: 3 signed rental agreements and is low maintenance!! For more information on owning a property like this one, call (307-250-3743) or email (kipthiel@outlook.com)
Don’t miss this opportunity for a sound business venture, locally. “There are a multitude of financing options available to qualified borrowers,” says Thiel, “and by investing in a Senior Resident Friendly Rental Property, you can increase your monthly cash flow, create a passive income stream, gain a tax shelter and build equity.” ~ Marilyn J Drew, freelance writer from Powell, WY